Thai fintech SYNQA raises $80m in series C funding round

SCB 10X and SPARX Group led the funding round.

Thailand-based fintech company SYNQA has raised $80m in series C funding led by SCB 10X, the technological investment arm of Siam Commercial Bank (SCB), an announcement revealed.

Also leading the funding round is SPARX Group Co. through its Mirai Creation Fund II, financed by the Japanese companies Toyota, Sumitomo Mitsui Funding Corporation, and SPARX Group.

SYNQA plans to use the funding to deepen its footprint in other cashless societies in Asia as well as for further product and service development.

The round was also joined by Toyota Financial Services Corporation, Sumitomo Mitsui Banking Corporation (SMBC), SMBC Venture Capital, and Aioi Nissay Dowa Insurance, amongst other investors.